Two US economists, Paul R Milgrom and Robert B Wilson, were awarded the Nobel Memorial Prize in Economic Sciences on Monday for improvements to auction theory and inventions of new auction formats innovations that have had huge practical applications when it comes to allocating scarce resources. The pair, close collaborators who are both affiliated with Stanford University, have pioneered new formats that the US, India and Canada governments have since used to auction off radio frequency. “They haven’t just profoundly changed the way we understand auctions-they have changed how things are auctioned,”said Alvin E. Roth, a Nobel laureate himself who was one of Wilson’s doctoral students.
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